Blackstone, a large US private equity firm has acquired a majority stake in the IT outsourcing arm of India's CMS Computers.

According to a statement, the new division offers ‘IT infrastructure management and outsourced business services’. The division will serve various industry verticals, including card processing, transaction printing and ATM management for the domestic Indian banking sector.

Rajiv Kaul, ex-CEO of Microsoft India has been appointed as executive vice chairman and CEO of the new company.